The beverage sector has continued to be one of the more interesting sectors in recent times with investors taking a special interest due to the possibility of considerable growth. There are a large number of companies to choose from if you are looking to get into the sector and one of those could well be Iconic Brands Inc (OTCMKTS:ICNB).
Trading Data
On Thursday, ICNB stock soared 15% to $0.3595 with 577K shares, compared to its average volume of 49K shares. The stock moved within a range of $0.3443 – 0.4735 after opening trade at $0.4735.
About The Company
Considering the fact that the Iconic Brands stock moved strongly yesterday and clocked gains of as much as 15% for the day, it may be a good time to start taking a keener interest in the company.
The company is involved in designing, developing, and delivering both alcoholic and non-alcoholic beverages.
In addition to that, the company also has a fully owned subsidiary unit named TopPop, which is involved in making low-calorie read-to-freeze and ready-to-drink beverages that are sold in flexible, environmentally friendly stand-up pouches.
One of the better-known brands owned by the company is Bellissima by Christie Brinkley, which offers a range of still wines, sparkling wines, and prosecco which are vegan and made from organic grapes. Iconic Brands operates in a number of states in the United States and distributes its products across the world. In light of the 15% gain in the stock yesterday, it might be a good time to take a look at the specific development that led to the gains in the stock.
Iconic Brands Announces Appointment of Tom Martin as Interim CEO
Yesterday, the stock came into focus in a big way after it announced that it was planning to change its corporate name to TopPop Innovative Brands Inc. However, the change of the name can only happen upon approval from shareholders and from FINRA. In addition, the company would also be aiming to change its ticker symbol to TPOP from ICNB.
There was more. Iconic Brands also announced that it had made Tom Martin, who is the Chief Executive Officer and founder of TopPop LLC, its interim Chief Executive Officer. It appears that the announcements made by the company was welcomed with considerable excitement by the investors considering the strong rally that was seen in the Iconic Brands stock yesterday. Now it remains to be seen if the stock can hold on to its momentum today and further add to its gains today to end the week on a strong note.
Martin has also served as the Chief Operating Officer and President of TopPop and has been an employee of Iconic Brands since last year when the company was acquired. The move is an indication of the fact that Iconic Brands is going to focus heavily on its core markets in which it has seen considerable growth.
On the other hand, the company is also regarded as one of the leaders in the sustainable flexible packaging industry and that is another position that Iconic Brands seeks to maintain. The leadership move is perhaps a move in that direction. Investors could do well to keep an eye on the stock today.
Key Quote
“I want to express my deep appreciation to the Iconic team members and Iconic investors for making our progress to this point possible. I believe TopPop is on a solid growth trajectory. We have built a new 65,000-square-foot facility to expand capacity and to keep up with growing customer demand, and we achieved full-scale production capability at the end of March 2022. In addition, we launched Bellissima Zero, a new line of zero-sugar still wines. I believe it is time to rename the Company to align more closely with its core innovative packaging business and prepare the Company to list on a national exchange.
Technical Data
ICNB stock is trading above the 20-Day and 50-Day Moving averages of $0.31 and $0.30 respectively. However, the stock is trading below the 200-Day moving average of $0.20. The company has a total market capitalization of $34.871 million with 97.09 million outstanding shares. Moreover, the company has 38.30% or 37.19 million floating shares. The stock is up 29% over the past month.
